CBA Responds to U.S. Court of Appeals’ New Decision on PHH

February 16, 2017

Washington, D.C. – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), issued the following statement in response to the U.S. Court of Appeal’s decision to grant the rehearing petition in PHH Corporation v. CFPB.

“The Court’s decision only creates further uncertainty regarding the constitutionality of the CFPB. As the CFPB is tasked with the important duty of consumer protection, Congress and the administration must move immediately to address this concern on behalf of consumers and create a 5-person bipartisan commission. The vast majority of other federal agencies with immense power employ a bipartisan commission structure, as it brings multiple viewpoints and balance to the table.”

For further information, please reference the following CBA materials: